70% of S&P 500 Tech Stocks Are Down 20% or More from Their All-Time Highs

The article argues that U.S. tech stocks are showing broad weakness despite the sector’s large weight in the S&P 500. Roughly 70% of S&P 500 tech names are down at least 20% from all-time highs, and about half of those are down 35% or more. The author says this concentration leaves the index vulnerable because a few mega-cap leaders—especially those dominating XLK—are carrying the sector while many smaller tech names remain under pressure. The piece highlights that equal-weight tech ETF RSPT has tracked XLK closely, suggesting the problem is not just mega-cap distortion but a broader sector deterioration. The market implication is bearish: if top names slow even modestly, there may be little support beneath them, increasing the risk of a larger drawdown in tech and potentially in the broader S&P 500.